KeyBanc analyst Justin Patterson reiterated an Overweight rating and $435.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst commented: "Argon with the Fairwind; Gemini 4 Shows Progress, While Assistants and Search Debate Persists; Google's new model, Gemini 4 Argon, was announced earlier than expected and showed progress across many benchmarks (albeit, still lagging in coding) and a compelling cost-per-task profile. We acknowledge this could bolster NT sentiment, but believe the paced rollout makes it difficult to gauge true performance. In our view, the debates from here center on: 1) how quickly Google can improve assistants; 2) how Gemini 4 and assistants impact the broader Google ecosystem (e.g., Search, Cloud); and 3) capex needs to support the business. We maintain our OW rating and $435 PT (24.3x 2028E P/E)."

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Shares of Alphabet closed at $344.08 yesterday.